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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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December 23, 2014
13:15 EDTTreasury's $35 B 5-year sale was sloppy and soft, as feared
Treasury's $35 B 5-year sale was sloppy and soft, as feared. The note tailed slightly to 1.739% versus 1.735% at the bid deadline, and it's measurably cheaper than the 1.595% stop in November. Bids totaled $83.7 B for a 2.39 cover, below November's 2.91 and the 2.72 average. However, there continued to be solid support from indirect bidders who took 58.7% compared to 65.0% previously, but better than the 48.7% average. Direct bidders were awarded only 7.3%, and primary dealers accepted 33.9%.
12:53 EDTRussia placed on CreditWatch negative by S&P
Standard & Poor's placed its 'BBB-/A-3' long- and short-term foreign-currency sovereign ratings and 'BBB/A-2' local-currency sovereign credit ratings on Russia on CreditWatch with negative implications. The rating agency cites the country's "rapid deterioration" of monetary flexibility.
12:52 EDTWeek of 1/3 ICSC-Goldman Store Sales to be released at 07:45
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12:45 EDTTreasury 5-year auction preview:
Treasury 5-year auction preview: the conflicting factors between Fed rate hike fears, cheapening yield levels, and wider spreads to foreign sovereigns could make for a difficult auction, especially when thinning holiday volume is added in. Hence, auction results are likely to be sub-par (the just auctioned 2-year FRN and 4-week bills saw soft results). The wi has cheapened significantly on the day, rising over 5 bps to 1.735%. Additionally, the 5s-30s spread remains near 6 year narrows at 108 bps. Nevertheless, the issue may not draw much demand from domestic accounts after the stronger GDP data increased worries the Fed could tighten policy before mid-2015. On the other hand, the jump in rates is a boon to foreign investors who are looking to pick up yield (the German 5-year closed at 0.05% today). The November auction was awarded at 1.567% and garnered a 2.36 cover (2.70 average) and a 47.8% indirect bid (47.4% average).
11:45 EDTEuro$ interest rate futures are mostly lower
Euro$ interest rate futures are mostly lower having taken their cue from the front-end of the curve after the roll to the new 2-year note jolted short yields higher, with the 2-year yield leaping from the 0.66% area yesterday to 0.74% today. Though mainly a technical shift, this has pulled the deferred euro$ contracts lower as well. The March 2015 contract is flat at 99.71, but the deferreds are 1-5 ticks lower out the curve. As analysts edge closer toward 2015 and following the outsized 5.0% Q3 GDP revision, this brings the prospect of a Fed tightening launch nearer as well.
11:45 EDTTreasury 2-year FRN and bill auctions were on the soft side
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11:40 EDTToday's U.S. reports
Today's U.S. reports exacerbated the dichotomy between improving consumer prospects but a downgraded factory and mining outlook in the face of plunging oil prices. The 5.0% Q3 GDP surge left a solid two-quarter bounce, though rapid inventory growth suggests that the GDP bounce is over. Broad-based weakness in the November durable goods data, alongside a 1.6% new home sales drop, highlights downside Q4 GDP risk. Analysts saw solid spending but weak income in the November personal income report that lowered the saving rate, as is consistent with the year-end Michigan sentiment rise to a downwardly-tweaked 93.6 December cycle-high. Consumers are getting more confident just as some producers are pulling back, though a Richmond Fed bounce to 7.0 from 4.0 took the edge off last week's disappointing Philly Fed and Empire State data.
11:15 EDTU.S. equities stalled out with NASDAQ lagging
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11:15 EDTFX Action: USD-CAD failed to take out last week's trend high
FX Action: USD-CAD failed to take out last week's trend high of 1.1673, and has since been pushed back to intra day lows of 1.1609. Sell-stops are reported just under 1.1600 now, with interim downside target seen at 1.1580.
10:50 EDTToday's U.S. income report
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10:30 EDTU.S. Richmond Fed index rose 3 points to 7 in December
U.S. Richmond Fed index rose 3 points to 7 in December as it retraces some of the 16 point drop to 4 in November. The employment index rose to 13 from 10, though the workweek dipped to 4 from 5. That's the weakest since July. New order volume increased to 4 from 1. It was 22 in October. Annualized price trends decelerated with the prices paid component slipping to 1.26% from 1.57%, while prices received dipped to 0.83% from 0.90%.
10:20 EDTThe December Michigan sentiment pop
The December Michigan sentiment pop to a downwardly-tweaked 93.6 (was 93.8) cycle-high extended the November rise to an 88.8 prior cycle-high from 86.9 in September. Analysts have a fifth straight monthly increase, a third straight reading above last year's 85.1 July peak, and the strongest reading since January of 2007. The tiny downward Michigan sentiment bump defied stronger-late month confidence readings in other surveys likely attributable to falling gasoline prices and an unwind of harsh weather, and the tendency for upward revisions for the past two years. The pattern of upward revisions is dissipating, given an average 2014 boost of just 0.6, versus a 1.8 average in 2013. Analysts've seen a December and Q4 climb in all the major confidence indicators, and analysts expect a consumer confidence climb to 94.0 from 88.7 in November and a 94.1 cycle-high in October. The 2014 confidence rise has closed the gap to the growth path for consumption and payrolls.
10:20 EDTU.S. new home sales fell 1.6% to 438k in November
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10:15 EDTTreasury Action: yields remained elevated
Treasury Action: yields remained elevated right through the mixed second data round that included a downward revision on Michigan sentiment, drop in home sales and healthy rise personal income and spending (latter below median). The 2-year yield continues to be propped up near 0.74%, while the 10-year yield is wrestling with 2.20%, up from 2.15% in Asia. The 2s-10s spread has steadied near +146 bp after collapsing with the roll to the new 2s from +149 bp at the close. Friday highs of 2.234% is the next upside target, while 2.35% December highs appear safe for now.
10:15 EDTU.S. personal income increased 0.4% with consumption up .06% in Nov
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10:10 EDTFX Action: The dollar moved marginally higher
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10:06 EDTRichmond Fed Manufacturing Index level change data reported
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10:06 EDTNew Home Sales data reported
November New Home Sales at 438K vs. consensus of 460K
10:05 EDTU.S. consumer sentiment surged to 93.6 in the final December reading
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09:57 EDTConsumer Sentiment Index data reported
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